Silver Movement
Silver prices declined 0.17% to USD20.68 per ounce during the 24 hours ending 23:00GMT, hurt by a broad decline in metal prices. However, losses in the commodity were capped after the US Dollar gave up ground against major counterparts, spooked by Fed Vice Chairman, Yellen’s suggestion for prolonged stimulus measures.
In the Asian session, at GMT0400, Silver is trading at 20.81, 0.65% higher from yesterday’s close.
Silver is expected to find support at 20.55, and a fall through could take it to the next support level of 20.28. Silver is expected to find its first resistance at 20.98, and a rise through could take it to the next resistance level of 21.15.
The white metal is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
